Trading Gold, Euro, SP500 futures and the dollar index seeing areas of support and resistance.
I have put up a video on trading gold below. I am going over this chart with S&P500 emini futures, the Euro chart, and the DX or the Dollar index chart. I combine these on a 24 hour chart to show price action after hours in the 24hour international trading community. Trading gold has a different time frame, even though traded mostly on the US markets, but open again 24 hours on the futures market and traded through London, Tokyo, Hong Kong, and New Dehli.
Trading Gold in the Indian markets has been a bit tricky with the effect on purchasing gold and bringing it in to the country. The net effect has been increased taxes and buyers have pulled back. The Indian market has been on a 5 day holiday and the gold bulls are hoping that the demand comes back into the market soon.
Looking at the S&P500 and the Euro, it seems that there could be some de-coupling coming up as the bonds market, which I mentioned in yesterdays video hit some support. It looks like the sellers could step in again and the transfer of money into the S&P500 could see a push up as the Euro hits resistance and could see a retrace. We will see if the euro holds the 1.32 support. If it can then we might see the dollar index do a bit more to the down side.
Targets on the euro for tomorrow if support breaks1.3205 then 1.3172, below here of course the psychological 1.31. If we move up to retrace the sellers move yesterday watch as we approach 1.3252 then 1.3276 and then a test to 1.33. Looking for an extreme high of 1.3331 this would be giving us a head and shoulders in the Euro with a longer term sell off target of 1.2367
The S&P500 on the other hand could see some support coming in at 1392 if it does not hold then 1379-82 and a possible run to 1365. If it does hold and we can close above 1406 then watch for a rally into the weekend with new highs to 1418 as an extreme high.
The Dollar index has hit quite a bit of support at 79.58 area but is not showing any commitment on the buyer side. Watch for sellers to move through the support and then a test to 79.00.
Trading Gold is a very risky field and not many traders can survive the volatility in the Futures gold trading market. Watch your self.
I have include some commentary in the Video on trading Gold and the weakening support at the present levels.
Trade what you see and never listen to the so called experts. If you can’t see the direction of the market and don’t understand how to use a stop, then don’t trade. Never take stock tips, and if it is on the TV as a hot pick, it is too late.
Day trading course focusing on the S&P500 emini futures support and resistance and efficient market hypothesis which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others. When searching for a Day trading course, be sure you understand the risks involved in trading.
Day trading course looks at price and direction, the support and resistance and the direction of the market.
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Trading Gold and the S&P500 emini futures is one of the largest professionally day traded markets in the world. Our Day trading course focuses on training you on how to see price and direction in the marketplace and how to leverage your strengths to take a profit out of the market.
Disclaimer: trading gold and day trading gold is high risk, do your own work : The efficacy of both technical analysis and fundamental analysis is disputed by efficient market hypothesis which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others. When searching for a Day trading course, be sure you understand the risks involved in day trading gold and futures.